"26 November 2015" Archive

Delhi VAT: Time limit for restoration of registration application

CIRCULAR NO. 31 OF 2015-16 26/11/2015

CIRCULAR NO. 31 OF 2015-16 In continuation of this department's Circular No. 15 of 2014-15, all the Zonal Authorities are directed to ensure that once the proposal for restoration of registration is approved by the Competent Authority, then registration of the dealers should be restored within 3 working days positively....

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Regarding licence to cultivate opium poppy

No. 4/2015-NARCOTICS CONTROL-I 26/11/2015

No. 4/2015-NARCOTICS CONTROL-I (vi) Cultivators who became ineligible for issue of licence to cultivate opium poppy during the crop years 2009-10 to 2014-15 for tendering opium below 55 degree consistency; (vii) Cultivators who became ineligible for issue of licence to cultivate opium poppy during the crop years 2009-10 to 2014-15 for plo...

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Import of Goods into India – Evidence of Import

RBI/2015-16/248 A.P. (DIR Series) Circular No. 29 26/11/2015

With the establishment of Free Trade Warehousing Zones / SEZ Unit warehouses, imported goods can be stored therein, for re-export / re-selling purposes for which Customs Authorities issue Ex-Bond Bill of Entry. AD banks are advised to consider the Bill of Entry issued by Customs Authorities named as Ex-Bond Bill of Entry or by any other s...

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RBI permits FPI to acquire NCDs/bonds, which are under default

RBI/2015-16/253 A.P. (DIR Series) Circular No.31 26/11/2015

A.P. (DIR Series) Circular No.31- It has been decided to permit FPI to acquire NCDs/bonds, which are under default, either fully or partly, in the repayment of principal on maturity or principal installment in the case of amortising bond. The revised maturity period of such NCDs/bonds, restructured based on negotiations with the issuing I...

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Advance Remittance for Import of aircrafts /helicopters / other aviation related purchases

RBI/2015-16/249 A.P. (DIR Series) Circular No.30 26/11/2015

A.P. (DIR Series) Circular No.30- I banks may, while allowing advance remittance without bank guarantee or an unconditional, irrevocable standby letter of credit up to USD 50 million, ensure that only the requisite approval of DGCA for import of aircrafts/helicopters in terms of the extant Foreign Trade Policy has been obtained by the co...

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Commitment charges paid towards foreclosure of business agreement are allowable u/s 37

D.C.I.T. Vs Autoline Industries Ltd (ITAT Pune)

In the case of D.C.I.T. vs Autoline Industries Ltd, Pune Tribunal held that foreign exchange cover taken by the assessee from DBS Bank was in order to prevent itself from future currency rate fluctuations. Later, it had to close its agreement with DBS Bank in view of the offer made by the principal lender i.e. Citi Bank....

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Expenditure on research is revenue nature if no new product develops, irrespective of treatment in books

D.C.I.T. Vs Autoline Industries Ltd (ITAT Pune)

In the case of D.C.I.T. vs Autoline Industries Ltd, Pune Tribunal on the issue whether a particular expenditure is of nature of capital or revenue held that the law on the issue is that the accounting treatment given by the assessee in its books of account is not determinative whether or not the expenditure is allowable as a deduction. ...

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AO must give reason for rejecting books & estimating income by applying higher GP Ratio

Shri Hem Raj Vs The A.C.I.T (ITAT Chandigarh)

Shri Hem Raj, Vs. The A.C.I.T (ITAT Chandigarh) The appellant was running liquor, wine and beer shop and was authorized to operate the liquor shop for the period of one year from April, 2007 to March 2008....

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Levy of service tax on Seed Testing with effect from 01.07.2012

Circular No.189/8/2015-Service Tax 26/11/2015

Circular No.189/8/2015-Service Tax It has come to the notice of the Board that certain field formations have taken a view that all activities incidental to seed testing are leviable to service tax and only the activity in so far it relates to actual testing has been exempted in the Negative List. ...

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Timelines for Compliance with various provisions of Securities Laws by Commodity Derivatives Exchanges

Circular No. CIR/CDMRD/DEA/03/2015, 26/11/2015

Pursuant to Section 131 of the Finance Act, 2015 and Central Government Notification O. 2362 (E) dated August 28, 2015, all recognized associations (commodity derivatives exchanges) under the Forward Contracts (Regulation) Act, 1952 (‘FCRA) are deemed to be recognized stock exchanges under the Securities Contracts (Regulation) Act, 195...

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